Today is national teach children to save day. This is a valuable lesson that many people wish they had been taught earlier in life. A lot of debt could be avoided if only someone had helped them learn early on the benefits of delayed gratification.
Today i am going to work with my daughter and tell her about saving. Admittedly, she is too young for complete understanding but the sooner i start explaining it and make it a habit for me to talk to her about it the more likely she is to pick it up. Being a good example is also a good way to show your children the benefits of saving and how to do it. Finances are typically a taboo subject in many houses, but why not let your children in on how money is spent and saved in your household. It will benefit them greatly down the road.
you could start them out with a piggy bank of their own and let them save some money they have earned from helping around the house. After they have saved enough for a small toy you could take them to the store. This will really send home how wonderful delayed gratification can be. They will be proud that they saved enough money to buy something all of their own.
I hope i can be a good example to my daughter and help her learn how to save. Now, where can i find a cute piggy bank?
Until Next Time,